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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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Pre-retirees putting away just 2.5% of monthly income

Far from building up a nest egg for the future, the average pre-retiree is setting aside just 2.5% of their income for savings, according to the results of a new study.

The findings from Aviva’s September Real Retirement Series reveal that despite the fact that pre-retirees (55-64s) have the highest gross monthly income (£1,560) of all over-55s, they are earmarking just £39 (3.2%) each month for their retirement savings pots.

In contrast the group defined as ‘the retiring’ (65-74) have a lower average monthly income of £1,488 and invest a savvier 4.2% of this figure (£62) into their savings. The long-term retired (over-75s) save an equal percentage of 4.2%, setting aside a monthly figure of £61 from an average monthly salary of £1,451.

Shockingly more than a third (38%) of pre-retirees set aside nothing each month for savings, while a further 18% have no savings pot at all.

Commenting on the figures, Clive Bolton, Managing Director of the At Retirement business at Aviva, said that it is critical for those approaching retirement to plan for their financial futures:

"It's vital that people take an active role when they retire to make sure that they get the best retirement they can. The first step towards this is taking a little time to understand all of the options retirees have open to them.

"For many this may seem confusing or daunting at first, but it's incredibly important.”

Further figures revealed that over-55s are exercising more caution over their pension provision, with up to 75% members of a pension scheme.

Around 600,000 people are expected to be saving for a pension by Christmas as a result of the start of automatic enrollment next month.

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